29th September 2014
Gloucestershire’s commercial development pipeline boosted with over 250,000 sq ft of new development
Gloucestershire’s commercial property market is helping to lead the South West out of recession, with an unprecedented volume of bespoke new development across the county. Close to 250,000 sq ft of new pre-let or speculative space is being developed in response to improving confidence, particularly in the manufacturing and engineering sectors, and the on-going shortage of available quality space.
From Tewkesbury in the north to Gloucester in the south, developers are either on site, awaiting planning or just completed on seven schemes totalling 240,000 sq ft.
Adrian Rowley, partner in Alder King’s Gloucester office, says there has rarely been a time when there has been so much bespoke new development.
“While there is pre-let and speculative activity elsewhere in the South West, the volume of commercial development now underway in Gloucestershire is at an unprecedented level.
“The county has a diverse and vibrant economy with particular strengths in manufacturing and engineering and it’s these sectors, currently enjoying an upturn in confidence and output, which are the driving force behind this surge in activity.
“Developers have recognised that investment in the development pipeline at this point in the market cycle is likely to deliver good returns.”
At Quedgeley West, St Modwen is constructing a 35,000 sq ft freehold turnkey facility for Vision Profiles, a supplier of high quality aluminium extruded profiles. St Modwen is also constructing a 28,000 sq ft warehouse building speculatively which will be the final building developed at Quedgeley West.
At Waterwells Business Park in Gloucester, Glenmore has just completed Phoenix House, a speculative 22,000 sq ft building.
Goodman’s latest development at Gloucester Business Park is a 52,000 sq ft office headquarters pre-let to Horizon Nuclear Power. Planning consent has been obtained and handover is scheduled for 2016. Horizon has the opportunity to expand its occupation further to 67,000 sq ft.
Meanwhile in Tewkesbury, Hortons Estate and Chase Commercial have secured a pre-let on a 45,000 sq ft office and production facility for Moog Controls with completion scheduled for 2015.
Construction is now complete at Tewkesbury Trade Park (pictured above), a new six unit trade counter/warehouse scheme totalling 20,000 sq ft, of which 6,000 sq ft has been let to Screwfix. The remaining units are immediately available through agents Alder King and Nick Bevan.
“The dwindling supply of quality commercial property has spurred developers into action,” continues Rowley. “Gloucestershire’s economy will benefit hugely from this development pipeline over the coming months.”
More information on these schemes is available from Alder King’s Gloucester office on 01452 623290.